Congressman Randy Neugebauer (TX-19) voted to pass H.R. 6429, the Science, Technology, Engineering, and Math (STEM) Jobs Act today, but criticized a cost-offset included in the legislation. The bill included a year-long extension of guarantee fees charged by government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac.
"Taxpayers have already spent nearly $200 billion to keep Fannie and Freddie afloat," Neugebauer explained. "The guarantee fees should be raised so that they can better cover the risk associated with Fannie and Freddie's portfolios. I strongly disagree with using increased guarantee fees to pay for unrelated legislation."
Neugebauer supported the goals of the STEM Jobs Act, however, which helps reform our immigration system and makes it easier for American companies to retain highly-educated workers in the fields of science, technology, engineering, and math.
"The STEM Jobs Act would enable us to be more selective about matching our immigration policies to our workforce needs," Neugebauer stated. "The STEM Jobs Act not only keeps America competitive, but it helps grow our economy so there are more jobs for everyone."
"I appreciate the idea behind this legislation, which helps America maintain its global competitiveness and improves our economy here at home," he continued. "But moving forward, I will work to ensure that increases in guarantee fees are only used to reduce taxpayer risk from future GSE bailouts."